Daily Report ｜Ordinals founder proposes a new protocol Runes based on Bitcoin to replace BRC20; Hong Kong Chief Executive John Lee: Crypto investors must bear the risks themselves if they use unlicensed trading platforms

整理：西柚, ChainCatcher

What Important Events Happened in the Last 24 Hours?

1. Ordinals Founder Proposes New Bitcoin Network Protocol Runes to Replace BRC20

According to ChainCatcher and reported by Cointelegraph, Ordinals founder Casey Rodarmor has proposed a new protocol called Runes based on the Bitcoin network, which could serve as a potential alternative to BRC20.

Casey Rodarmor stated that Runes is a protocol for fungible tokens that will not leave behind a large amount of "garbage UTXO" on the Bitcoin network. (Source link)

2. Hong Kong Chief Executive John Lee: Crypto Investors Must Bear Risks When Using Unlicensed Trading Platforms

According to ChainCatcher and reported by the Hong Kong Economic Journal, Hong Kong Chief Executive John Lee stated that the Securities and Futures Commission has announced a list of different trading platforms, which he believes will help investors make decisions. He urged investors to invest on licensed platforms, as those investing on unlicensed platforms must bear the risks themselves.

Additionally, John Lee mentioned that the authorities will ensure that the information provided is as transparent and clear as possible, promote investor education, and advise everyone to understand the nature and risks of investment products as much as possible. (Source link)

3. Web3 RPG Big Time to Launch Token Airdrop and Full Economic Model in Early October

According to ChainCatcher, the Web3 role-playing game Big Time has completed over a year of pre-alpha testing and is expected to launch a new version of its economic model - "Preseason" - in early October, along with a token airdrop.

It is reported that Big Time was created by the former CEO of Decentraland and several former AAA game developers, providing a "player-owned economy" where players can create, trade, or acquire digital clothing and collectibles in the form of NFTs powered by Big Time cryptocurrency. The goal of the game is to provide a free-to-play experience for the community, avoiding the pay-to-win mechanics seen in other crypto games. (Source link)

4. China Pacific Insurance Asset Management Hong Kong Company Approved to Upgrade Hong Kong SFC License for Virtual Asset Fund Distribution and Advisory Services

According to ChainCatcher, China Pacific Insurance Group's China Pacific Asset Management (Hong Kong) Co., Ltd. ("CPAM Hong Kong") announced that its existing Type 1 (securities trading) and Type 4 (advising on securities) regulated businesses have been approved for upgrade by the Hong Kong Securities and Futures Commission. From now on, CPAM Hong Kong can provide distribution and investment advisory services for funds with more than 10% investment in virtual assets.

This upgrade marks an important step for CPAM Hong Kong in advancing into the virtual asset field while adhering to compliance and regulatory requirements. With the completion of the license upgrade, CPAM Hong Kong will continue to delve into various aspects of the virtual asset sector, including fund distribution and investment advisory services, empowering virtual asset projects, and collaborating with trusted partners to contribute to Hong Kong becoming a sustainable and responsibly developed virtual asset center, forming a virtual asset ecosystem, and paving the way for Web3's large-scale application. (Source link)

5. Sources: US SEC Objects to Celsius Network's Plan to Distribute Digital Assets to Customers via Coinbase

According to ChainCatcher, X user @DeItaone reported that the US Securities and Exchange Commission (SEC) has raised objections regarding the crypto company Celsius Network's plan to distribute digital assets to customers through Coinbase as part of its restructuring plan. Celsius filed for bankruptcy over a year ago and will seek bankruptcy court approval for its restructuring plan in the coming weeks.

According to the restructuring plan proposed by Celsius, Coinbase will provide brokerage and primary trading services for Celsius, engaging in activities that led to the lawsuit filed by regulators, which is still ongoing. Previously, ChainCatcher reported that the SEC sued Coinbase on June 6, claiming it operated an unregistered trading platform and that its staking services were unregistered. (Source link)

6. Cyvers Alerts: Huobi HTX Hot Wallet Hacked, Loss of $7.9 Million

According to ChainCatcher, Cyvers Alerts tweeted that they discovered an EOA address received 5,000 ETH from Huobi HTX yesterday, and this morning found that Huobi HTX had migrated its hot wallet.

Cyvers Alerts further stated that they have confirmed that one of Huobi HTX's hot wallets was attacked, resulting in a loss of $7.9 million, and published the hacker's address as follows: https://etherscan.io/address/0xdb1d74467c9042517a354304256e0d658d8aec83. (Source link)

7. HTX: Hacker's Identity Confirmed, Will Request Judicial Intervention if Funds Not Returned Within 7 Days

According to ChainCatcher, on September 25, the crypto trading platform HTX left a message on-chain to the hacker who stole 5,000 ETH from the hot wallet, stating, "We have confirmed your true identity. Please return the funds to 0x18709E89BD403F470088aBDAcEbE86CC60dda12e. We will offer you a 5% white hat bounty. This offer is valid for 7 days, until October 2, 2023. If you do not return the funds by the deadline, we will request judicial intervention."

ChainCatcher previously reported that Huobi HTX's hot wallet was hacked, resulting in a loss of $7.9 million. (Source link)

8. MicroStrategy Purchases 5,445 Bitcoins for Approximately $147.3 Million Again

According to ChainCatcher, MicroStrategy founder Michael Saylor posted on social media that MicroStrategy has purchased 5,445 bitcoins for approximately $147.3 million again, at an average price of $27,053 each.

As of September 24, 2023, MicroStrategy has purchased 158,245 bitcoins for approximately $4.68 billion, at an average price of $29,582 per bitcoin. (Source link)

"What Are the Noteworthy Articles to Read in the Last 24 Hours?"

1. “Offchain Labs Co-Founder: Why I Still Believe in Optimistic Rollup”

Arbitrum is an Ethereum scaling protocol that uses Optimistic Rollup. People often ask us why Arbitrum chose Optimistic and whether we expect Arbitrum to switch to ZK proofs. I have previously answered this question, but that was nearly two years ago. This is my current personal view, and others may disagree.

When designing systems, I firmly believe in pragmatism. We should not become enamored with a technical approach and apply it at all costs; instead, we should ask which method best meets the needs of users and developers. The best approach may change over time, and if so, we are willing to adapt.

We chose Optimistic for Arbitrum out of pragmatism, and I believe Optimistic proofs are still a better choice than ZK proofs, as they better meet the needs of users and developers. Simply put, Optimistic is cheaper, simpler, and more flexible than ZK. I will elaborate on these claims below.

That said, if circumstances change and ZK becomes a better choice, I believe Arbitrum should change. But I do not expect this to happen anytime soon.

2. “Dialogue with Eclipse Co-Founder: How Can Solana SVM Become Ethereum's L2?”

Currently, Layer 2 solutions and cross-chain interoperability have become hot topics. The recently popular Eclipse provides a Solana-based SVM that can be used as Ethereum's L2.

Is this a boon for Solana? The two different types of public chains have been combined to some extent through Eclipse; how should they develop in the future?

In this episode of the podcast, Neel shares with us Eclipse's design philosophy, its relationship with other technologies such as Solana and Ethereum, and the trade-offs between centralization and decentralization in Eclipse.

3. “CoinShares: Risks of Staking Centralization and Short-Term Solutions”

Although the queue is already full (though it is rapidly declining), the amount of staked ETH has continued to rise, and Lido shows no signs of slowing its dominance over other providers. Some industry insiders point out that Lido is about to control one-third of staked ETH, which raises alarms regarding centralization risks.